Company registration number 09375822 (England and Wales)
IDEAL TIME LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
IDEAL TIME LIMITED
COMPANY INFORMATION
Director
D Rickus
Company number
09375822
Registered office
Suite 14, Blackpool Technology Management Centre
Faraday Way
Blackpool
FY2 0JW
Auditor
Clarkson Hyde LLP
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
Business address
Suite 14, Blackpool Technology Management Centre
Faraday Way
Blackpool
FY2 0JW
IDEAL TIME LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
IDEAL TIME LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The director presents the strategic report for the year ended 30 June 2023.
Review of the business
The principal activity of the Group continued to be the provision of diamond drilling and sawing, passive fire protection and other related services to the construction industry.
During the year, turnover increased by 13.0% compared to the previous year reflecting increased activity in the industry generally. Gross profit increased by 16.3% in line with the increased turnover, and administrative expenses increased by 14.1%, resulting in an overall increase in operating profit of 34.1%, a pleasing performance.
The Group’s cash position remained strong.
Principal risks and uncertainties
The principal risks to the business were considered. The director believed that increases in the cost of labour and other direct expenses could impact the Group’s profitability.
It was concluded that the identified risks could be managed. Activity in the construction industry was buoyant and the Group could look forward to another profitable year.
D Rickus
Director
15 March 2024
IDEAL TIME LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
The director presents his annual report and financial statements for the year ended 30 June 2023.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
D Rickus
Auditor
In accordance with the company's articles, a resolution proposing that Clarkson Hyde LLP be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
IDEAL TIME LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
On behalf of the board
D Rickus
Director
15 March 2024
IDEAL TIME LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IDEAL TIME LIMITED
- 4 -
Opinion
We have audited the financial statements of Ideal Time Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
IDEAL TIME LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IDEAL TIME LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
IDEAL TIME LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IDEAL TIME LIMITED
- 6 -
Graham Speck (Senior Statutory Auditor)
For and on behalf of Clarkson Hyde LLP
15 March 2024
Chartered Accountants
Statutory Auditor
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
IDEAL TIME LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
17,458,291
15,447,875
Cost of sales
(10,767,328)
(9,693,869)
Gross profit
6,690,963
5,754,006
Administrative expenses
(5,855,875)
(5,133,532)
Other operating income
48,000
38,250
Operating profit
4
883,088
658,724
Interest receivable and similar income
8
21,256
1,616
Interest payable and similar expenses
9
(115,483)
(92,126)
Profit before taxation
788,861
568,214
Tax on profit
10
(184,750)
(117,997)
Profit for the financial year
25
604,111
450,217
Profit for the financial year is all attributable to the owner of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
IDEAL TIME LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
£
£
Profit for the year
604,111
450,217
Other comprehensive income
-
-
Total comprehensive income for the year
604,111
450,217
Total comprehensive income for the year is all attributable to the owners of the parent company.
IDEAL TIME LIMITED
GROUP BALANCE SHEET
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,494,667
3,299,957
Investment property
12
700,000
700,000
Investments
13
2
2
4,194,669
3,999,959
Current assets
Debtors
15
4,145,380
3,903,891
Investments
16
9,561
9,561
Cash at bank and in hand
3,299,753
3,345,681
7,454,694
7,259,133
Creditors: amounts falling due within one year
17
(3,714,150)
(2,928,633)
Net current assets
3,740,544
4,330,500
Total assets less current liabilities
7,935,213
8,330,459
Creditors: amounts falling due after more than one year
18
(1,340,798)
(2,415,429)
Provisions for liabilities
Deferred tax liability
21
240,854
165,580
(240,854)
(165,580)
Net assets
6,353,561
5,749,450
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
24
1,099,001
1,099,001
Profit and loss reserves
25
5,253,560
4,649,449
Total equity
6,353,561
5,749,450
The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
15 March 2024
D Rickus
Director
Company registration number 09375822 (England and Wales)
IDEAL TIME LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,742,529
1,744,322
Investments
13
8,648,615
8,648,615
10,391,144
10,392,937
Current assets
Debtors
15
212,860
19,876
Cash at bank and in hand
323,040
596,184
535,900
616,060
Creditors: amounts falling due within one year
17
(7,046,517)
(6,265,537)
Net current liabilities
(6,510,617)
(5,649,477)
Total assets less current liabilities
3,880,527
4,743,460
Creditors: amounts falling due after more than one year
18
-
(902,697)
Net assets
3,880,527
3,840,763
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
24
1,099,001
1,099,001
Profit and loss reserves
25
2,780,526
2,740,762
Total equity
3,880,527
3,840,763
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £39,764 (2022 - £138,754 profit).
The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
15 March 2024
D Rickus
Director
Company registration number 09375822 (England and Wales)
IDEAL TIME LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
1,000
1,099,001
4,199,232
5,299,233
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
450,217
450,217
Balance at 30 June 2022
1,000
1,099,001
4,649,449
5,749,450
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
604,111
604,111
Balance at 30 June 2023
1,000
1,099,001
5,253,560
6,353,561
IDEAL TIME LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
1,000
1,099,001
2,602,008
3,702,009
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
138,754
138,754
Balance at 30 June 2022
1,000
1,099,001
2,740,762
3,840,763
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
39,764
39,764
Balance at 30 June 2023
1,000
1,099,001
2,780,526
3,880,527
IDEAL TIME LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
781,478
867,018
Interest paid
(115,483)
(92,126)
Income taxes refunded/(paid)
133,715
(158,006)
Net cash inflow from operating activities
799,710
616,886
Investing activities
Purchase of tangible fixed assets
(125,767)
(323,140)
Proceeds from disposal of tangible fixed assets
180,403
96,084
Interest received
21,256
1,616
Net cash generated from/(used in) investing activities
75,892
(225,440)
Financing activities
Repayment of bank loans
(337,449)
(205,433)
Payment of finance leases obligations
(589,466)
(428,419)
Net cash used in financing activities
(926,915)
(633,852)
Net decrease in cash and cash equivalents
(51,313)
(242,406)
Cash and cash equivalents at beginning of year
3,341,335
3,583,741
Cash and cash equivalents at end of year
3,290,022
3,341,335
Relating to:
Cash at bank and in hand
3,299,753
3,345,681
Bank overdrafts included in creditors payable within one year
(9,731)
(4,346)
IDEAL TIME LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(172,834)
199,769
Interest paid
(32,873)
(35,285)
Income taxes paid
(3,485)
Net cash (outflow)/inflow from operating activities
(205,707)
160,999
Investing activities
Interest received
72
Net cash generated from/(used in) investing activities
72
-
Financing activities
Repayment of bank loans
(67,509)
(64,916)
Net cash used in financing activities
(67,509)
(64,916)
Net (decrease)/increase in cash and cash equivalents
(273,144)
96,083
Cash and cash equivalents at beginning of year
596,184
500,101
Cash and cash equivalents at end of year
323,040
596,184
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information
Ideal Time Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Suite 14, Blackpool Technology Management Centre, Faraday Way, Blackpool, FY2 0JW.
The group consists of Ideal Time Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Ideal Time Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value comparing costs to date to total expected costs for that contract.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years. Where the fair value of net assets acquired are in excess of the cost of acquisition resulting in negative goodwill, this is written off in full in the year of acquisition.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the length of the leasehold
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line
Other assets
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Property rented to a group entity is accounted for as tangible fixed assets.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Principal activity
17,458,291
15,447,875
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
17,458,291
15,447,875
2023
2022
£
£
Other revenue
Interest income
21,256
1,616
Grants received
-
38,250
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(38,250)
Depreciation of owned tangible fixed assets
240,079
496,738
Depreciation of tangible fixed assets held under finance leases
472,285
138,059
Profit on disposal of tangible fixed assets
(144,191)
(91,189)
Operating lease charges
179,036
173,770
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
5,000
Audit of the financial statements of the company's subsidiaries
32,055
32,200
32,055
37,200
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
36
32
1
1
Direct labour
113
113
-
-
Workshop
11
11
-
-
Maintenance
2
2
-
-
Fire protection
2
2
-
-
Total
164
160
1
1
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,930,674
7,267,847
87,600
97,600
Social security costs
892,283
816,518
20,287
21,031
Pension costs
156,614
149,083
8,979,571
8,233,448
107,887
118,631
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
87,600
97,600
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
19,664
821
Other interest income
1,592
795
Total income
21,256
1,616
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
59,899
56,203
Other interest on financial liabilities
181
-
Interest on finance leases and hire purchase contracts
54,434
34,533
Other interest
969
1,390
Total finance costs
115,483
92,126
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
90,063
(39,353)
Other taxes
4,150
Total current tax
94,213
(39,353)
Deferred tax
Origination and reversal of timing differences
90,537
157,350
Total tax charge
184,750
117,997
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
788,861
568,214
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
149,884
107,961
Tax effect of expenses that are not deductible in determining taxable profit
32,701
23,867
Tax effect of utilisation of tax losses not previously recognised
(7,214)
Unutilised tax losses carried forward
14,595
7,214
Change in unrecognised deferred tax assets
90,537
157,350
Effect of change in corporation tax rate
6,573
-
Permanent capital allowances in excess of depreciation
(79,089)
(162,180)
Depreciation on assets not qualifying for tax allowances
341
341
Profit on disposal of fixed assets
(27,396)
(17,326)
Other tax adjustments
4,150
Other timing differences
(332)
770
Taxation charge
184,750
117,997
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Other assets
Total
£
£
£
£
£
£
Cost
At 1 July 2022
1,750,000
6,034,726
61,306
2,349,195
140,000
10,335,227
Additions
319,584
23,833
599,869
943,286
Disposals
(1,512,880)
(571,856)
(2,084,736)
At 30 June 2023
1,750,000
4,841,430
85,139
2,377,208
140,000
9,193,777
Depreciation and impairment
At 1 July 2022
5,678
5,356,765
40,468
1,492,360
139,999
7,035,270
Depreciation charged in the year
1,793
289,859
8,922
411,790
712,364
Eliminated in respect of disposals
(1,500,557)
(547,967)
(2,048,524)
At 30 June 2023
7,471
4,146,067
49,390
1,356,183
139,999
5,699,110
Carrying amount
At 30 June 2023
1,742,529
695,363
35,749
1,021,025
1
3,494,667
At 30 June 2022
1,744,322
677,961
20,838
856,835
1
3,299,957
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
Tangible fixed assets
(Continued)
- 24 -
Company
Leasehold land and buildings
£
Cost
At 1 July 2022 and 30 June 2023
1,750,000
Depreciation and impairment
At 1 July 2022
5,678
Depreciation charged in the year
1,793
At 30 June 2023
7,471
Carrying amount
At 30 June 2023
1,742,529
At 30 June 2022
1,744,322
The carrying value of land and buildings comprises:
Group
Company
2023
2022
2023
2022
£
£
£
£
Long leasehold
1,744,322
1,744,322
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
460,625
431,128
Motor vehicles
848,076
572,238
1,308,701
1,003,366
-
-
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 July 2022 and 30 June 2023
700,000
-
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
8,648,615
8,648,615
Unlisted investments
2
2
2
2
8,648,615
8,648,615
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2022 and 30 June 2023
2
Carrying amount
At 30 June 2023
2
At 30 June 2022
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
8,648,615
Carrying amount
At 30 June 2023
8,648,615
At 30 June 2022
8,648,615
14
Subsidiaries
Details of the company's trading subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Holemasters Demtech Limited
Suite 14, Blackpool Technology Management Centre, Faraday Way, Blackpool, FY2 0JW
Ordinary
-
100.00
Robore Cuts Limited
Unit 16, Mitcham Industrial Estate, Streatham Road, Mitcham, Surrey, CR4 2AP
Ordinary
100.00
-
Subsequent to the year-end, Robore Cuts Limited underwent a management buy-out which completed on 30 November 2023.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,747,011
2,874,786
Unpaid share capital
2
2
1
1
Corporation tax recoverable
39,953
177,140
Other debtors
519,637
287,662
212,859
19,875
Prepayments and accrued income
838,777
549,038
4,145,380
3,888,628
212,860
19,876
Amounts falling due after more than one year:
Deferred tax asset (note 21)
15,263
Total debtors
4,145,380
3,903,891
212,860
19,876
16
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
9,561
9,561
-
-
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
1,182,937
341,795
902,697
67,509
Obligations under finance leases
20
525,586
396,108
Trade creditors
736,611
1,220,001
9,900
Amounts owed to group undertakings
6,118,593
6,181,159
Corporation tax payable
90,741
Other taxation and social security
242,941
233,613
5,213
4,995
Other creditors
104,207
161,502
(104)
4,875
Accruals and deferred income
831,127
575,614
10,218
6,999
3,714,150
2,928,633
7,046,517
6,265,537
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
544,982
1,718,188
902,697
Obligations under finance leases
20
795,816
697,241
1,340,798
2,415,429
-
902,697
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,718,188
2,055,637
902,697
970,206
Bank overdrafts
9,731
4,346
1,727,919
2,059,983
902,697
970,206
Payable within one year
1,182,937
341,795
902,697
67,509
Payable after one year
544,982
1,718,188
902,697
The long-term loans are secured by charges over the property and assets of the group.
20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
525,586
396,108
In two to five years
795,816
697,241
1,321,402
1,093,349
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
21
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
261,477
166,025
-
-
Decelerated capital allowances
-
-
-
4,361
Retirement benefit obligations
(1,419)
(445)
-
-
Pension contributions
-
-
-
1,410
Other timing differences
(19,204)
-
-
9,492
240,854
165,580
-
15,263
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
150,317
-
Charge to profit or loss
90,537
-
Liability at 30 June 2023
240,854
-
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
156,614
149,083
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
24
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
1,099,001
1,099,001
1,099,001
1,099,001
25
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
4,649,449
4,199,232
2,740,762
2,602,008
Profit for the year
604,111
450,217
39,764
138,754
At the end of the year
5,253,560
4,649,449
2,780,526
2,740,762
26
Related party transactions
Included within other debtors is an amount of £270,666 (2022: £72,645) due from D Rickus, the sole director and shareholder.
27
Controlling party
D Rickus is the ultimate controlling party by virtue of his 100% shareholding in Ideal Time Limited.
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
604,111
450,217
Adjustments for:
Taxation charged
184,750
117,997
Finance costs
115,483
92,126
Investment income
(21,256)
(1,616)
Gain on disposal of tangible fixed assets
(144,191)
(91,189)
Depreciation and impairment of tangible fixed assets
712,364
634,797
Movements in working capital:
Increase in debtors
(393,939)
(337,746)
(Decrease)/increase in creditors
(275,844)
2,432
Cash generated from operations
781,478
867,018
IDEAL TIME LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 30 -
29
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
39,764
138,754
Adjustments for:
Finance costs
32,873
35,285
Investment income
(72)
Depreciation and impairment of tangible fixed assets
1,793
1,793
Movements in working capital:
Increase in debtors
(192,984)
(19,875)
(Decrease)/increase in creditors
(54,208)
43,812
Cash (absorbed by)/generated from operations
(172,834)
199,769
30
Analysis of changes in net funds - group
1 July 2022
Cash flows
New finance leases
30 June 2023
£
£
£
£
Cash at bank and in hand
3,345,681
(45,928)
-
3,299,753
Bank overdrafts
(4,346)
(5,385)
-
(9,731)
3,341,335
(51,313)
-
3,290,022
Borrowings excluding overdrafts
(2,055,637)
337,449
-
(1,718,188)
Obligations under finance leases
(1,093,349)
589,466
(817,519)
(1,321,402)
192,349
875,602
(817,519)
250,432
31
Analysis of changes in net debt - company
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
596,184
(273,144)
323,040
Borrowings excluding overdrafts
(970,206)
67,509
(902,697)
(374,022)
(205,635)
(579,657)
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityD 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